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George Stobbart

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A recent survey by has found that van drivers are overwhelmingly considered the worst behaved on UK roads. The next worse were young drivers, older drivers, taxi drivers and school-run mothers. The poll, conducted by a motor insurance comparison service, also revealed that lorry drivers were considered the best drivers on the road.

The survey also reported that by car-type BMW’s had the worst drivers followed by Porsches, Audi and Mercedes-Benz drivers. The research, based on 1,500 UK motorists, further suggests that owners of Ford cars make the most car insurance claims. A spokesperson for the company said: “It’s good that most motorists recognise bad driving habits, both in themselves and other road users.

“However, the important thing is that motorists change these bad driving habits because with the rising cost of motoring, it is well worth driving responsibly to stay safe and ensure your insurance premiums stay low.”

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One in three motorists surveyed by RAC* are gearing up to drive in Europe this year, but research from the motoring organisation reveals that many don’t have a clue what it will cost to drive abroad or what to do when it all goes wrong.

35% of motorists surveyed have no idea what to do if they are involved in an accident and only a third know the correct number for the emergency services in Europe.

The research also revealed that nearly one in 10 motorists have been involved in an accident whilst driving in Europe and 12% have broken down.

A common misconception is that fuel is cheaper in Europe. Almost half of motorists (48%) mistakenly believe that petrol is cheaper on the continent but in four of the five most popular European driving destinations – France, Germany, Italy and Belgium – unleaded petrol is up to 23 cents more expensive per litre. This could potentially affect motorists’ fuel budgets by up to €58 (approx £50) based an average family car doing a 2,000 mile round trip.

Diesel is however cheaper per litre in all five destinations, particularly Spain where it costs approximately 25% less than in the UK, saving motorists up to €60 (approx £51) on the average trip.

David Hawes, RAC patrol manager, says: “There are benefits to driving abroad, ranging from lower diesel prices to more freedom to visit places outside of tourist centres, but as our research shows, foreign roads can be a dangerous place, so it’s always best to be prepared. It’s also crucial to swot up on European driving laws before you go to avoid any pitfalls.”

RAC’s road trip guide to Europe’s five most popular driving destinations is a good starting point:

road rule europe

UK equivalent fuel price per litre as of 24 June – €1.16 unleaded €1.22 diesel

**source Karzoo.eu 24 June 2009

*** source rac.co.uk/FCO

European Driving Styles*
A fifth of UK drivers polled fear dangerous road manoeuvres when driving in Italy and over a quarter claim to have experienced the highest levels of road rage there. The research also identified Italy as the undertaking capital of Europe with 14% of respondents saying they see “much more undertaking” than at home.

Spanish motorists are most likely to scare Brits with their overtaking, just ahead of Italy, and more excessive beeping and tooting on the country’s roads, according to the research. Nearly a third of respondents who had driven in Spain in the past, noticed increased use of the car horn there.

Germany is where motorists report the fewest incidences of driving too close (only 7% in comparison to 17% in Italy), the fewest dangerous manoeuvres and the highest levels of courtesy.

RAC research showed that motorists looking for a more sedate drive should also head to Belgium where over a quarter of respondents see much less flouting of road rules such as undertaking.

Despite negative connotations of driving styles, there is a lot of love for European roads. 51% of those surveyed would like to see the superior road quality seen in Europe echoed here. Likewise, 35% identified that there are fewer cars on European roads and 44% would like to see similarly reduced traffic in the UK. A third of motorists would also like to see better picnic and rest areas in line with those on the continent.

For more advice on driving abroad visit www.rac.co.uk or call 0800 015 6000 for details on European Breakdown Cover.

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Prudential plc (“Prudential”) announces the appointment of Rob Devey as Chief Executive, Prudential UK and Europe and to the Board of Prudential plc. Rob Devey will succeed Nick Prettejohn who will leave the Group in September 2009.

Rob Devey will join Prudential from Lloyds Banking Group where he has worked since 2002 in a number of senior leadership roles across insurance and retail banking including as Managing Director, Direct Channels UK Retail Banking, Managing Director of HBOS Financial Services and Managing Director of HBOS General Insurance. Prior to joining HBOS, Rob Devey was a consultant with the Boston Consulting Group (BCG) in both Europe and the US working in financial services.

Rob will join Prudential at a date to be confirmed and he will succeed Nick Prettejohn, currently Chief Executive, Prudential UK and Europe, who has decided to leave the Group in September 2009.

Commenting Mark Tucker, Group Chief Executive of Prudential plc, says:

“I am pleased to announce the appointment of Rob Devey as successor to Nick Prettejohn. Rob has clearly demonstrated his capability in complex leadership roles and I look forward to welcoming him to the Group. I am very sorry to see Nick Prettejohn leave Prudential and want to thank him for his outstanding contribution in developing and implementing a highly effective strategy that has dramatically improved the performance and profitability of the UK business. Nick leaves a strong legacy and he should be proud of his achievements in transforming the UK business.”

Commenting Tidjane Thiam, Chief Financial Officer and Group Chief Executive Designate of Prudential plc, says:

“I am delighted that Rob Devey will be joining Prudential and that the Group can attract such an obviously talented executive. He is a proven talent in leading large and complex insurance and banking businesses and will add significantly to our Group management strength. I greatly look forward to working with him. I am very sorry that Nick Prettejohn has decided to leave the Group, where he has made an outstanding contribution and want to wish him well with his next challenge.”

Commenting Rob Devey, says:

“I greatly look forward to joining Prudential at this exciting time in its development. The Group is ideally placed in both the UK and international markets to continue its strong performance. I have been particularly impressed by the quality of its leadership, its customer focus, and its values and heritage that will underpin future success. The UK business is in a strong position and continues to gain profitable market share and I want to thank Nick Prettejohn for leaving such a good legacy for me to take forward.”

Commenting Nick Prettejohn, Chief Executive, Prudential UK and Europe, says:

“The UK business now has a much clearer sense of purpose and momentum and I want to thank the Group Chief Executive, the UK leadership team and all the employees of the UK business for helping drive the transformation of the business during the past three and a half years.”

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Germany-based Allianz, the world’s second biggest insurance firm, is preparing to launch itself as a consumer brand in the UK.

The company currently sells insurance products to British consumers through Cornhill, which it acquired in 1986, and pet insurer Petplan.

David Keel, marketing and communications manager, said the company is registering a number of product names and URLs, although currently has no fixed plans for the launch.

Potential brand names and URLs mooted by the insurer include Your Cover Home and Car Insurance, Keel said.

Allianz last year appointed UK-based ad agency Joshua G2. It is currently reviewing its global marketing strategy, with additional agencies to be appointed by the end of this year.

For the first quarter of 2009, Allianz reported operating profits of €1.4bn on revenues of €27.7bn.

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Having led the Hannover Re Group for more than 13 years, Chief Executive Officer Wilhelm Zeller is retiring today as planned.

After graduating in business administration with a major in insurance studies, Mr. Zeller embarked on his professional career in 1969 with the Gerling Group in Cologne. One year later he moved to Zürich Versicherungs-Gesellschaft in Frankfurt, where he headed the Property/Casualty Germany and International Non-Life departments.

In 1977 Mr. Zeller was appointed to the Board of Executive Directors of Kölnische Rückversicherungs-Gesellschaft AG (Cologne Re). In 1995 he also became a member of the Executive Council of the Cologne Re’s new principal shareholder, General Re Corporation in Stamford, United States. In 1996 Mr. Zeller assumed the mantle of Chief Executive Officer of Hannover Re and E+S Rück.

In his more than 13 years of service Wilhelm Zeller was instrumental in shaping the company: under his leadership Hannover Re evolved into a major global reinsurance group. Mr. Zeller restructured the Group and established Hannover Re as a “somewhat different reinsurer”.

His strategy of efficient capital management, active cycle management and a focus on profitability rather than premium volume or market shares as well as the strategically important expansion of life reinsurance business made Hannover Re into a successful and strong reinsurer.

The Supervisory Board of the company has expressed its wholehearted thanks to Mr. Zeller for his exceptional entrepreneurial accomplishments and visionary leadership.

Today, Ulrich Wallin – as already announced in January – succeeds Wilhelm Zeller as Chief Executive Officer of Hannover Re and E+S Rück.

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ING announced today that the now separate organisations of Nationale-Nederlanden, RVS and ING Verzekeren Retail (formerly Postbank Verzekeren) will be combined into one customer-oriented organisation under the Nationale-Nederlanden brand, which will be reinforced.

The decision is in line with the Back to Basics strategy to simplify the organisation, reduce costs and improve customerfocus. The new insurance organisation will have dedicated business units for retail customers, small and medium-sized enterprises and corporate clients.

“This is a next important step in realising our Back to Basics strategy,” commented Jan Hommen, CEO of ING. “Now is the time to adapt our Dutch insurance operations to the changing market environment and position them for the future. By streamlining the company and creating dedicated business units for customer groups, we will be able to better serve our over five million insurance customers in the Netherlands with the products they want.”

With this new strategy, ING responds to the customer need for convenience, personal advice, transparency and security. By utilising all current distribution channels, customers will be able to choose for themselves how and where they want to purchase products. The network of independent brokers will continue to play an important part as will both banking channels and the own advisors of ING in the
Netherlands.

Within the combined company ING will create a dedicated business unit to provide services to clients who bought insurance policies that are currently no longer sold. This will further optimise customer service and efficiency in dealing with these so-called ‘closed books’ while at the same time creating more room for innovation and product development elsewhere in the organisation.

By improving customer focus, optimising distribution and sales capabilities and increasing operational efficiency, ING expects to achieve an improved financial performance of the Dutch insurance operations, leading to a positive P&L impact from 2010, accumulating to annually EUR 100 million before tax from 2013 onwards. To achieve this, ING has set ambitious targets to drive costs below the market benchmark level. In the first 4 years, a total of EUR 165 million will be invested to realise the transformation process.

ING expects the programme to lead to a reduction of the workforce by approximately 800 positions over the coming three years. ING expects this reduction to be mainly realised through natural attrition, internal reallocation and by discontinuing temporary contracts. The workforce measures will be made in accordance with applicable regulations and will be discussed with the unions and respective works councils.

  • Combination of Nationale-Nederlanden, RVS and ING Verzekeren Retail
  • Integrated organisation with dedicated units focusing on consumers, SME and corporates
  • Migration to Nationale-Nederlanden brand from 2011
  • Optimisation of current distribution through brokers, bank and own advisory network
  • Positive P&L contribution from 2010, accumulating to annual EUR 100 million from 2013
  • Workforce reduction of approx. 800 positions over coming three years, mainly through attrition

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Motor insurance fraud has become an increasing problem for the industry and insurers are calling for tougher action to tackle the issue, which is being made worse by the economic recession.

“There is an indication at the moment that there is more fraud around. That’s probably down to the current economic situation more than anything,” says John Reynolds, Fraud Controller at Equity Red Star, the largest motor insurer within Lloyd’s.

“But equally I believe insurers are becoming better at spotting the right cases. We’re detecting more fraud, but it’s difficult to quantify whether that’s down to better techniques or the current economic situation.”

Fraud detection efforts

Insurers have bolstered their efforts to detect fraudulent claims, training staff to identify dubious claims as well as using computer technology to pick up suspicious claims trends.

The Association of British Insurers (ABI) estimates that the insurance industry detected 35,300 fraudulent motor claims in 2008 with an estimated value of £360m.

But the involvement of organised crime gangs in motor fraud is causing a growing headache for insurers. “It’s a very significant part of what we’re dealing with on a daily basis,” Reynolds says.

Crash for cash

‘Crash for cash’ incidents, where innocent drivers are induced into accidents with vehicles driven by members of fraud gangs, are among the fastest-growing forms of motor fraud.

These crashes are caused by fraudsters suddenly braking at junctions, causing other cars to go into the back of theirs. Fraudsters may disengage the brake lights of their cars to make it impossible for other drivers to see they are suddenly stopping.

The fraudsters start to make a string of false claims to the other driver’s insurance company for injuries they did not incur, and even make claims for ‘phantom passengers’ who were not in the car at the time of the accident. These claims are often backed by false witness statements and by faked medical reports.

Tackling the problem of motor fraud

Steps need to be taken to tackle the growing problem of orchestrated motor fraud, says David Powell, Manager of Underwriting at the Lloyd’s Market Association.

“The reason so many of these incidents are occurring is that the system, to an extent, allows them,” he says. “The risks for the criminal are fairly low, while the rewards are fairly high. The average payout for personal injury awards is around £2,500, while the risk of detection and the risk of police action have been pretty low. It adds up to an attractive package for the criminal.”

Insurers call for tougher penalties

Insurers want the police and national law enforcement agencies to do more to tackle financial crime. “We’d like to see much more resource given to tackling insurance fraud. We’d also like to see more prosecutions and tougher sentencing of those convicted,” Powell says.

Part of the problem, Reynolds says, is that apart from the City of London Police, no other police forces’ performance is measured on tackling fraud.

The ABI has run a high-profile campaign to publicise the costs of insurance fraud, saying it adds around £40 to every premium paid by honest policyholders each year.

Using technology to catch the culprits

The Insurance Fraud Bureau (IFB), which was established three years ago, has spearheaded the fight against this crime.

It has used cutting-edge technology and data pooled from across the insurance industry to help cut the size of organised ‘crash for cash’ networks by 11% in the past two years.

The IFB says that in places such as Luton, East London, Harrow and Walsall where it worked with the local police forces, there were fewer ‘crash for cash’ claims.

But in other places, notably Liverpool, Halifax and Ilford and Barking, where there was no joint action between the local police and the IFB, ‘crash for cash’ activity increased, the IFB said.

But the issue goes deeper, says Reynolds. “What we need to do is to change public perception. If we can do that it will impose some degree of pressure on government and law enforcement authorities to deal with it. But that’s not going to happen while the perception of it is ‘innocent crime’.”

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MBIA announced that John A. Rolls has resigned from MBIA’s Board of Directors.

Mr. Rolls was elected to MBIA’s Board of Directors in 1995 and served as Chairman of its Finance Committee and as a member of its Audit Committee and Compensation and Organization  Committee. Mr. Rolls previously served as Chairman of the Audit Committee.

“John has been a valued member of MBIA’s Board for 14 years and has provided important insight and perspective,” said Dan Kearney, MBIA Chairman. “We thank him for his many contributions and wish him continued success in the future.”

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Aviva is delighted to announce that, in conjunction with HCML, it has won the Employer Rehabilitation Initiative of the Year category at the 2009 Rehabilitation First Awards.

The highly coveted accolades officially recognise the excellence of those who lead the development of rehabilitation within the UK. The Employer Initiative of the Year category rewards solutions that offer an innovative approach to ensuring individuals receive prompt and expert care, reinforced by tangible results.

Developed with the UK’s leading professional rehabilitation provider HCML, Back-Up is an expert-led support and rehabilitation service that utilises evidence based medical guidelines for managing back and neck pain.

Rather than having to wait to see their GP, members of Aviva’s staff medical insurance scheme, call the Back-Up service to speak to a dedicated HCML case manager who conducts an in-depth assessment and offers practical and clinical advice and support. A personalised rehabilitation plan is then tailored to the employee’s individual needs. With the employee’s consent, the case manager can also work with their line manager to advise how the employee can be helped safely and effectively at work.

The Back-Up service has significantly improved the speed of recovery and return to work rate for Aviva’s employees. In addition, the number of physiotherapy sessions employees require has been greatly reduced, and far fewer employees have needed to be referred to a Specialist. This has in turn helped reduce the cost and incidence of claims on the Aviva staff medical insurance scheme.

Back-Up has also delivered significant improvements for Aviva’s corporate medical insurance customers.

Key results include:

  • 50% of employees said the service prevented them going absent or restricting their duties
  • Of the 25% who were absent prior to using the service, 100% successfully returned to work through Back-Up
  • Physiotherapy sessions have been reduced by 37.5%
  • At least a 15% saving on treatment costs
  • 99% of customers found HCML intervention excellent or very good.
  • 95% who had physiotherapy rated it excellent or very good.

Mark Sharpe, clinical development manager at Aviva’s UK Health business, said: “Musculoskeletal injury is one of the biggest causes of sickness absence in the UK and one which contributes to Aviva’s own sickness absence figures. We developed our Back-Up service to provide our staff with access to the best possible rehabilitation care and support whilst helping us tackle our absence costs.

“We are extremely proud of our Back-Up initiative which has already delivered numerous benefits for our staff, our bottom line and our customers. The personalised service has proven to help speed up individuals’ recovery, whilst helping control sickness absence and medical insurance claims costs. The feedback we’ve received from employees who have used the service has been absolutely fantastic and we’re delighted to have beaten off stiff competition to win this award.”

Helen Merfield, HCML’s CEO, added: “We are enormously proud of the service that the partnership between HCML and Aviva has created. Winning this award is a welcome external endorsement for an approach that we believe is unique within the private healthcare market; a demonstration that clinical best practice can be successfully delivered in a commercial setting to the benefit of the service user and the employer alike.”

In addition to offering the Back-Up service to its own staff, Back-Up is currently available to customers covering 250 or more employees on an Aviva’s corporate private health insurance policy. The invaluable service will shortly be made available to Aviva’s small group and individual private health insurance customers.

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Scotland’s main non-domestic water supplier Business Stream has launched a new service with risk adviser and insurer Marsh to offer customers emergency cover.

Scotland’s non-domestic water supply has been open for competition since April 2008, and this move is the latest in a number of innovative changes that have occurred since then.

The new Business Stream Emergency Cover has been created to enable customers to withstand water-related emergencies such as plumbing issues, electrical and gas pipe faults, heating breakdown and pest infestation.

The coverage costs from £15 a month and includes a guaranteed response time of 2 hours or less and will cover every hour of every day of the year.

Scottish customers have been saved £5.5m in recent times by dozens of innovative initiatives launched by Business Stream.

In April of this year the firm urged businesses to save money and do their bit for the environment using a free, water saving hippo.

The hippo is a small bag fitted in the cistern which can save as much as 3.5 litres per flush, saving money and reducing the amount of water used.

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Greenbee Home Insurance has conducted a survey of over 2,000 adults and discovered that over a fifth (23%) of 18-24 year olds are wary of hosting parties at home in case of accidental damage.

The figure is threefold that of those aged 65 and older, of whom only 8% share the concern of potential party damage, and over twice the proportion (10%) of 55-64 year olds anxious about damage.

The young adults, dubbed CHAPS (Cautious Hosts Against Party Stress), are bucking the stereotypical view that many hold of them, but are not the only segment of society concerned by the potential financial costs of hosting parties.

Across the board 14% do not enjoy hosting parties due to the possibility of damage occurring.

The research also reveals that one of the reasons for the rise of the CHAPS is that the current economic difficulties mean that the cost of replacing damaged goods is particularly unwanted at this time.

There is also a significant gap between those who are covered by the insurer as standard (13%) and those who believe they are (23%). Greenbee.com’s MD, James Furse, advises homeowners to check their insurance policies to clarify whether or not they are covered.

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The recently launched facility, called MSL Connect, is currently being used by over 90% of the firm’s intermediary and insurance clients.

It allows brokers to log claims and track their progress online via a password-protected system and can generate premium quotes and policy documentation, adding upgrades and product enhancements to suit the needs of customers.

The system is linked to the company’s rating engine and database, allowing quotes to be generated as soon as the policyholder’s details and risk information are entered.

Brokers also have the ability to tailor legal expenses products for their clients depending on their circumstances.

MSL managing director, Nick Garner, comments: “The feedback so far from brokers has been very good. They are able to see immediate benefits in terms of tracking claims online and generating quotes.”

Last month, MSL launched a range of new products: MSL UK & European Breakdown Assistance provides rescue services for motorists including local, national and European recovery and MSL Home Assist offers 24-hour help for householders who experience a domestic emergency.

Finally, MSL ID Theft Assist provides comprehensive assistance to victims of identity theft.

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Novae Group, the specialist insurance and reinsurance carrier, has announced the appointment of John Renz to the post of Human Resources director.

In his new post Renz will be responsible for supervision of operations of Group, syndicate and insurance companies. He leaves behind the post of HR director with Mourant, a financial services administration and advisory firm, to join Novae.

Renz brings with him two decades of experience in HR management and has held senior posts with Standard Life, Grant Thornton, and City law firm Linklaters. Strong leadership is the key to employee motivation and retention, Renz has stated, going on to say that he was attracted to the firm due to its strength of leadership and commitment to its employees.

Chief executive officer Matthew Fosh has warmly welcomed Renz to the organisation and praised his extensive experience in HR.

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The recession has had little impacts on contracts due for renewal in July, Munich Re said this week.

The world’s largest reinsurer by premium income said demand for reinsurance policies “continues to be pronounced”, especially for policies that cover natural disasters.

Some sectors will suffer, Munich Re said, as reduced sales of motor insurance, life insurance, and pensions provisions has knocked demand for reinsurance.

Furthermore, during a recession insurance firms suffer higher damage claims in several areas, including credit insurance, liability insurance, and workers’ disability insurance.
Rate increases of 3% to 5% are needed to compensate for the downturn in demand and the increased claims, Munich Re said.

In January and April contract renewals, the reinsurer secured average rate rises of 3% and 7% respectively. CEO Joerg Schneider said he is cautiously optimistic that rate rises will compensate for the effects of recession.

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The cost of insuring ships against piracy has increased 1,900% since the start of the year, an insurance broker has revealed.

Marsh & McLennan blamed the 20-fold price rise on a spate of pirate attacks off the coasts of Somalia, Nigeria and Indonesia.

Attacks on vessels doubled during the first quarter of 2009, triggering extensive insurance claims and the hefty rise in premiums.

Pirates are becoming increasingly audacious, hijacking boats up to 700 miles offshore.

Markus Baker, head of marine insurance at Marsh & McLennan, said shipping firms that were paying 0.05% of the value of their goods for insurance premiums are now paying as much as 0.1%.

“Piracy is a pretty challenging piece of risk to underwrite,” Baker said.

Faster ships are cheaper to insure, Baker added, as they are more challenging for pirates to attack.

“Anything over 14 or 15 knots tends to be fast as far as the pirates are concerned,” he said.

Security costs have also increased, with the owners of tankers and container ships now spending up to $40,000 (£24,000) per passage on security guards.

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    Michael Jackson has announced last year a  ten show comeback tour originally scheduled for London.

    Tickets went on sale during March, with 75,000 tickets selling out in 4 hours. AEG Live (the King of Pop’s promoters), found insurance for the 10-day set of concerts at approximately US$130 million.

    But Insurance companies abandony when AEG Live proposed to extended by 7 months the Michael Jackson tour packed with 50 concert appearances.

    Insurance premiums for this amazing tour amounted to $500,000. About half a billion dollars to cover tour losses should the 50 year-old superstar who had not performed large concerts in 12 years fail to perform.

    Randy Phillips, AEG Live’s Chief executive reported that Michael Jackson was in good health. Insurance brokers had sent their physicians to perform a battery of medical tests including blood tests that took 5 hours to complete.

    Mickael Jackson’s lead promoter conclude that AEG Live would come up with the cash to self-insure the extended run of concert dates should insurance companies fail to underwrite the risk.

    A recent announcement was made that the initial concert dates had been postponed until 2010. That’s when rumors that Michael Jackson was in poor health accelerated, particularly on the Internet.

    His sudden death today due to an heart attack destroys hope of ever seeing the king of pop again…

    That’s something no insurance policy could ever protect against…

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    Even if some drivers do not accept environmental arguments for reducing the impact of their vehicles then they should embrace the hard economic arguments, according to the AA President addressing the Fleet News Green Summit today.

    Edmund King, AA President will tell the conference that the arguments for greater fuel efficiency in car fleets are more pertinent due to the global economic situation and the increasing cost of fuel. King will point to a number of areas where savings can be made.

    Using good satellite navigation can reduce the distance driven by 16%, driving time by 18% and fuel consumption by 15%, by taking more direct routes and preventing drivers getting lost1.

    If the system uses live traffic information to avoid congestion, this saves a further 14% of driving time on congested roads. These benefits from more efficient vehicle use are cumulative. With fleet management, navigation and traffic information working hand-in-hand, there is the potential to reduce overall fuel consumption by 28% and reduce driving time by 32%.

    These benefits help costs and the environment.

    Other things that help greener motoring include: driver training, gear shift indicators, tyre pressure monitoring systems, procurement, employee incentives, travel plans and green labelling of new and used cars. King will also point to an AA/Populus panel survey of 18,500 drivers to indicate that individual drivers as well as businesses care about these issues.

    • 62% – would buy a more fuel efficient car
    • 60% – would implement Eco-driving
    • 51% – would take advantage of discounts to buy greener cars
    • 28% – would use incentive scheme to scrap older cars
    • 3% – would give up their cars
    • 7% – would take none of the measures above
    • 57% – believe the AA should campaign to reduce the environmental impact of cars
    • AA/Populus Panel – 18,500

    Drivers who do not accept the green arguments for considering car use should consider the economic arguments. A clean, green car can be lean and mean. Drivers can save money and reduce CO2 emissions by choosing the right vehicle and adapting the way they drive. Attitudes are changing. Today drivers don’t just consider the 0 – 60 mph acceleration rates but are choosing fuel efficiency and safety.

    “Technology can help us – Sat Nav and congestion avoidance systems can save us a third of our driving time and more than a quarter of our fuel.”

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    Lloyd’s announced today that Tom Bolt has been appointed as the new Underwriting Performance Director.

    He will take up his new post soon, replacing Rolf Tolle who will retire at the end of the year.

    Mr Bolt has over 25 years experience in international insurance and reinsurance across the UK, US and Europe, most recently as Managing Director of Marlborough Managing Agency.

    In his role as Underwriting Performance Director, Mr Bolt and his team will be responsible for working with individual Lloyd’s businesses to improve the commercial performance of the market. This includes monitoring each syndicate’s performance against its business plan and ensuring that the underwriting guidelines are adhered to.

    Lloyd’s CEO, Richard Ward said:

    “I am delighted that Tom has accepted the role of Underwriting Performance Director. He has a great reputation and track record, and the perfect mix of technical knowledge and commercial experience that will enable him to work in partnership with the market.

    “Rolf has done a fantastic job for the market over the last six years. As we move into a new era, Tom will be able to shape the role even further to develop our relationship with the businesses in the market.”

    Tom Bolt said: “This is an exciting time to be joining Lloyd’s. I am delighted to be taking on this role and look forward to working with Richard Ward, the team and the market.”

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    Lloyd’s, the world’s leading specialist insurance market, announced that it will repurchase the local currency equivalent of £102 million of its outstanding debt securities, following its invitation to holders to submit offers to sell their holdings. Lloyd’s had offered to purchase up to £100m of the securities.

    Lloyd’s will purchase a principal amount of £59,631,000 of its Perpetual Subordinated Capital Securities at a cost of £35,778,600 and a principal amount of €47,315,000 of its Subordinated Notes maturing in 2024 at a cost of €33,120,500. Lloyd’s will additionally pay accrued interest on the purchased securities.

    Following these purchases, £440,369,000 principal amount of the Perpetual Subordinated Capital Securities and €252,685,000 of the Subordinated Notes maturing in 2024 will remain outstanding. Lloyd’s will not purchase any of its sterling Subordinated Notes maturing in 2025 as a result of the invitation and the outstanding principal amount of these securities will remain at £300,000,000.

    Luke Savage, Lloyd’s Finance Director, said: “The decision to buy back some of our debt was a prudent move, which took advantage of our strong capital position, favourable market conditions, and perceived interest from holders of our debt.”

    A record level of capital at 1 January 2009, as well as additional contributions to Lloyd’s Central Fund in April, means that Lloyd’s capital position will not be materially affected following these purchases.

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      The development of the UK’s long hours culture could be putting employees’ health at risk, says Aviva Risk Management Solutions (ARMS), the new name for Norwich Union Risk Services.

      James Draper, principal consultant for ARMS, said: “In 2007/08, a total of 13.5 million working days were lost to work-related stress, depression and anxiety.1

      According to The Trade Union Congress the credit crunch is putting extra pressure on people in both their personal and professional lives, with four million in the UK working over 48 hours a week and a worrying percentage of the population working more than 60 hours per week.2

      What’s disturbing is that more than half of employers (59%) do not associate long hours with productivity and 46% do not reward staff who work late or out of hours.3

      Longer working hours can cause severe problems such as musculoskeletal disorders, cardiovascular disorders, chronic infections, depression, stress and diabetes, as well as high blood pressure.

      Other problems associated with working longer hours include headaches, reduced immune system, extreme fatigue and insomnia.

      Nearly 60% of workers think that the current climate is making both them and their colleagues feel stressed and under pressure – with 45% saying that their company had no provision for dealing with stress.4

      From a GP’s perspective, nine out of 10 believe that stress-related illness will increase due to the recession and be the biggest occupational health issue of 2009.

      Alex Marshall, business development manager, Aviva’s UK occupational health, said: “Some of the reasons that employees are feeling extra pressure are linked to job insecurity, a strong commitment to their role or the need for employees to ‘take home’ pay to support their families.

      Around 37% of employees are failing to take lunch breaks 4 so as a first step, employers should be encouraging a good work/life balance and promote a culture that encourages staff to take their statutory break.

      Businesses need to be aware that longer working hours can affect workplace performance. For example, higher accidents or injuries could result, as well as firms experiencing an increase in claims of incapacity and long term sickness benefits.

      There should be a strong focus on stress management, which should be treated like any other workplace hazard. A risk assessment should be carried out, both at organisational level and within each team, ensuring ongoing assessment. Solutions such as an Employee Assistance Programme should be put in place to mitigate future risks.

      Organisations should oversee employees who are struggling to cope. Consider flexible working patterns and, if possible, increase resources and decrease workloads. Firms should be setting a good example in these tough times by not encouraging staff to waive Working Time Legislation and steer clear of pay scales being linked to increased hours and work loads.

      Training and development programmes should be implemented through human resources departments to improve time management and delegation. Top management behaviour and commitment should also be encouraged to change the business culture to raise awareness of the issue.

      1: 13.5 million (Health and Safety Executive Statistics for 2007/2008)

      2: Trade Union Congress (TUC): From Guardian Article Friday 6th June 2009: John Carvel: Social Affairs Editor. Title: “Long Hours Culture is Returning, warns TUC
      3: Article in Human Resources Magazine: David Woods 19th December 2008 “Entitled Long Hours not Linked to Productivity”

      4: Aviva’s UK Health ‘Health of the Workplace 3 report’, May 2009

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